Bitcoin Soars Past $80,000 as Weaker Dollar Boosts Demand

Bitcoin's price surged above $80,000 for the first time since mid-May on Tuesday as investors sought out alternative assets due to a weaker US dollar and expectations of more supportive policy measures.

The cryptocurrency climbed to an intraday high of $81,237.94 during Asian trading hours, its strongest level in over two months.

The move takes Bitcoin's August gains to approximately 28%, putting it on track for its best monthly performance since November 2024.

Tim Sun, senior researcher at HashKey Group, attributed the Treasury's recent bond buyback plans as a key factor contributing to the rally. The announcement aimed to ease pressure in the long-end of the Treasury market and contain further increases in long-term yields.